Which price ranges are most competitive in the Madison real estate market? One way to measure the competitiveness (or popularity) of a price range is to look at the percent of offers within the range that involve competition from multiple buyers. In the Madison single family home market, our accepted offer data shows properties priced below $350,000 are in highest demand. Within this range, the most popular price category is $200k - $250k where a full 50% of all accepted offers involve competition from 2 or more buyers.
In the Madison condo market, condominiums priced below $300,000 are most popular with buyers. Our 2017 data shows condos priced between $250k and $300k are in highest demand, with 43% of the accepted offers in this price category involving competition from multiple buyers.
Tips for Buyers and Sellers Based on Price Category
If you're shopping for a homein a highly competitive price category, you should expect up front that you'll be competing against other motivated buyers. Check out our article on 15 ways to write a winning offer, which offers advice for buyers in a multiple offer situation.
If you'd like less competition from other buyers, then make it a goal to not buy during the Spring season. Instead, buy during the Summer, Fall or Winter months. See this article, which explains how the market changes by time of year.
If you're selling a homein a popular price category, you should know you can successfully sell your property any time of year. Regardless of when you sell, be sure to apply the home-selling fundamentals of professional staging, low-cost cosmetic improvements, and professional photos. For more on these and other home-selling topics, view our tips for sellers.
If you're moving up in the market, from a competitive price point to a less competitive price point, this summer is a great time to make it happen. On the selling side, you have great selling power in a lower-priced, highly competitive market. On the buying side, you have more purchasing power in a higher-priced, less competitive market. Even better, you have time to accomplish your buying and selling goals before the start of the new school year.
Do you have questions about how to navigate the summer real estate market? Give us a call. We can help.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred